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News Release |
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2005 |
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$35 |
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#843770 |
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NEWS RELEASE
FOR IMMEDIATE RELEASE CONTACT: DANIEL L. KRIEGER,
CHAIRMAN & PRESIDENT
OR
JOHN P. NELSON
VICE PRESIDENT
(515) 232-6251
OCTOBER 14, 2005
AMES NATIONAL CORPORATION
ANNOUNCES THIRD QUARTER 2005 FINANCIAL RESULTS
The Company had net income of $2,917,000, or $0.31 per share for the three
months ended September 30, 2005, compared to net income of $3,372,000, or $0.36
per share, for the three months ended September 30, 2004, a 13% decrease. The
return on average assets was 1.41% and 1.70% respectively, for the three-months
ending September 30, 2005 and 2004. Return on average equity was 10.54% for the
three months ending September 30, 2005 compared to 12.66% for the same period a
year ago. Total assets rose from $800 million as of the quarter ended September
30, 2004 to $823 million for the quarter ended September 30, 2005, an increase
of 3%.
Net income was $8,900,000, or $0.95 per share for the nine months ended
September 30, 2005, compared to $9,199,000, or $0.98 per share, for the three
months ended September 30, 2004, a decrease of 3%. Return on average assets was
1.43% and 1.57% respectively, for the nine month periods ending September 30,
2005 and 2004. Return on average equity was 10.78% for the nine months ended
September 30, 2005 compared to 11.44% for the same period a year ago.
The decline in profitability for the third quarter primarily relates to a
decrease in net interest income of $301,000 compared to the same quarter a year
ago with interest expense on deposits and other borrowings increasing more than
the interest income generated on loans and investments. Net interest margin for
the quarter ended September 30, 2005 was 3.58% compared to 3.95% for the same
period in 2004.
Another factor impacting third quarter profitability was increased provision for
loan losses. This expense for third quarter was $118,000 compared to a negative
provision of $64,000 for the same quarter last year. Provision expense this
quarter was related to higher loan volume with quarterly loan losses and
recoveries of $34,000 and $16,000, respectively.
Higher net securities gains on the Company's equity portfolio partially offset
the decline in earnings from lower net interest income and higher provision
expense. Net securities gains for third quarter were $266,000 compared to
$20,000 for the same period in 2004. This higher figure was partially offset by
a decrease in non interest income with the divesture of an insurance agency
owned by the Company in the third quarter of 2004.
Third quarter non-interest expense was 3% higher primarily as the result of an
increase in salaries and benefits. The efficiency ratio for third quarter 2005
and 2004 was 48.78% and 45.85%, respectively.
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